Top stories before the open Wed

EmilyChurch

All eyes were on volatile pre-open action in Cisco Systems
CSCO, +1.85%
A rebound attempt drove the stock to $13.28, well above an overnight low to $13.05 after the networking bellwether cautioned of flat to down sales in the April quarter. Microsoft
MSFT, +1.50%
Qualcomm
QCOM, +0.91%
and Intel Corp.
INTC, +1.49%
were all edging higher and German stocks were also posting a recovery. Market tracker stocks, however, continued to point to a weak start for the broader market ahead of a key speech on Iran by U.S. Secretary of State Colin Powell. The weakening U.S. dollar provided perhaps the biggest drag on activity. In volatile trade, the euro crossed at $1.0892 at 8 a.m. Eastern; it had spiked to as much as $1.0938 in London - tapping the high of March 1999. Spot gold prices roared overnight in Australia; the price rose $1.80, or 6.8 percent, to $385.30-$386 in London.

Overseas Market

Vivendi Universal
V, +0.89%
Commerzbank and Aventis
AVE, -5.36%
were among the losers in otherwise tranquil trading in Europe. Vodafone
VOD, +0.57%
surged in London after confirming talks that may lead to the sale of its fixed-line subsidiary in Japan. Tokyo stocks ended higher as the yen eased.

Monsanto
MON, +11.76%
reported fourth-quarter earnings of 23 cents a share, versus a loss of 40 cents a share in the year-earlier period. The company noted that it recorded restructuring charges of 8 cents a share in the December quarter. Analysts surveyed by Thomson First Call had been expecting earnings of 29 cents a share.

El Paso
EP, +20.59%
said it would cut its quarterly dividend to 4 cents a share from 21.75 cents as part of restructuring plan aimed at preserving and enhancing the value of its core business and strengthening its balance sheet. The company also said it was targeting ongoing earnings of $1 a share in 2003, below the average analyst estimate compiled by Thomson First Call of $1.31.

Whirlpool
WHR, +1.23%
reported fourth-quarter core earnings of $113 million, or $1.64 a share, up from $1.58 a share in the year-earlier period and in line with the average analyst estimate. Whirlpool is projecting earnings of $6.20 to $6.40 for 2003, surrounding analyst forecasts of $6.28

FLIR Systems
FLIR, +1.11%
is reporting fourth-quarter earnings of $12.7 million, or 71 cents a share, 3 cents ahead of the average estimate of analysts polled by Thomson First Call. Revenue surged 15 percent in the latest three months to $74.9 million from $65 million in the same period a year earlier.

Bankrate
RATE
is reporting fourth-quarter earnings of $1.3 million, or 9 cents a share, up from its year-ago profit of $317,000, or 2 cents a share. Revenue rose 46 percent in the latest three months to $7.5 million from $5.1 million in the same period a year earlier.

Hotels.com
ROOM
reported fourth-quarter adjusted earnings of $21.8 million, or 37 cents a share, up from 27 cents a share in the year-earlier period, but a penny a share shy of the average analyst estimate compiled by Multex. Revenue increased 92 percent to $272.6 million, versus analyst expectations of $269.5 million.

The UK Chartered Institute of Purchasing and Supply said that its index of business activity in the service sector fell to 52.3 in January from 53.2 in December. A figure over 50 indicates an expansion in activity. It is the third straight monthly decline in the index.

BNP Paribas (013110) said fourth quarter net banking income of 4.2 billion euros was a 4.5 percent drop from the fourth quarter of 2001, but a 4 percent gain from the third quarter of 2002.

Infinity Property & Casualty
IPCC, +5.63%
failed to price its initial public offering on Tuesday night. The Birmingham, Ala.-unit of American Financial Group
AFG, +0.54%
had planned to sell 12.4 million shares at $18 and $20 a share, reduced from $21 to $23 a share.

Jones Apparel
JNY
reported fourth-quarter earnings of 39 cents a share, up from 25 cents in the year-earlier period. Revenue increased 7.7 percent to $964 million, ahead of the $951.2 million expected by analysts. The apparel company said it remained comfortable with its 2003 earnings forecast of $3.05 a share.

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